Shares in SoftBank Group jumped more than 13% to a record high on Friday in a show of investor support for the Japanese technology investor's AI push after first quarter profit beat expectations.

SoftBank shares jumped over 13% to a record high after first-quarter profits beat expectations. Investors welcomed its AI investments, including $30 billion for OpenAI and backing a $500 billion US data centre project.

SoftBank made a net profit of $2.9bn in its first quarter boosted by its investment in Nvidia as Masayoshi Son’s technology group ploughs billions into artificial intelligence companies. The Tokyo-based tech conglomerate reported net income of ¥422bn ($2.

SoftBank Group Corp. swung to a profit in the June quarter, bolstered by gains in its holdings including Nvidia Corp. and Coupang Inc., in a boost for founder Masayoshi Son’s planned bets on artificial intelligence technologies.

Japanese investment holding company SoftBank Group (OTC:SFTBF) (OTC:SFTBY) reported first-quarter results on Thursday. The company reported quarterly net sales of 1.82 trillion Japanese yen ($12.54 billion),